Are you wondering how to avoid getting into a fast and furious bidding war once you find your dream home? Even if you can afford to pay more, it’s not always the best move.
Money is one thing that turns sellers’ heads, but it’s far from the only incentive when you’re competing with other buyers. So why raise the ante with more money?
If you want to offer your seller something they can’t refuse, try offering a flexible closing date.
Why is the closing date important?
On closing day, the home’s sales documents are signed and ownership changes hands. In most cases, that’s about 30 to 60 days from when your offer is accepted.
But what if that doesn’t work with the seller’s timeline?
How can a flexible closing help you?
Some sellers need to get out fast. They could be relocating and need to move immediately. Maybe they already bought a new home. By offering a fast closing, you can help them to avoid paying two mortgages.
Other sellers need more time. Maybe they’re building their dream home and hit an unexpected construction delay. Your flexibility with a delayed possession date offers them the security of having their new home lined up before they have to move.
How else can we sweeten the deal?
Let’s say the best bid you can make is a bit lower than the listing price. Offering a seller rent-back might encourage them to choose your offer over others that are less accommodating. This lets the seller rent the space from you for a set amount of time until they’re ready to move.
To make a flexible closing date work for you, remember to go on a month-to-month lease or have alternative housing options ready.
When you’re ready to make an offer on a home, keep in mind that understanding what motivates the seller is how we’ll get your offer accepted.